Inactive Client account: Client account will be considered as inactive if the client
does not trade for period of one year. Calculation will be done at the beginning
of every month and those clients who have not traded even a single time will be
considered as inactive, the shares/credit ledger balance if any will be transferred
to the client within one week of the identifying the client as inactive. The client
has to make written request for reactivation of their account

B. N. Rathi Securities Limited (hereinafter referred to as the "Website" www.bnrsecurities.com)
and owns, has the license to use or otherwise has the right to use, free of any
pending or threatened liens, all content, graphics, HTML and asp or other scripts
displayed and used on the Website. The Use Of The Website By The Customer Shall
Mean That He/She Agrees With The Following Terms Of Use.

)B. N. Rathi Securities Limited has launched and established an
online trading service on the Website (hereinafter referred to as the "Service").
B. N. Rathi Securities Limited has exclusive and sole discretion to select the Customers
who would be entitled to use, access and benefit out of the Service. B. N. Rathi
Securities Limited also reserves the absolute right and discretion to decide on
the criteria for selecting the Customers to participate in the Service offered hereunder.

)The offering of the Service is subject to the requisite permissions,
approvals, licenses and any other clearance from the appropriate regulatory authority
viz., Securities and Exchange Board of India, National Stock Exchange of India Limited,
The Bombay Stock Exchange Ltd, Mumbai and any other relevant authority that may
be the regulatory authority of the Service.

)This Service on the Website does not constitute an offer to sell
or a solicitation to any person in any jurisdiction where it is unlawful to make
such an offer or solicitation. This Service is not intended to be any form of an
investment advertisement, investment advice or investment information and has not
been registered under any securities law of any foreign jurisdiction and is only
for the information of any person in any jurisdiction where it may be lawful to
provide such information, otherwise the same shall not be considered an information.
The distribution of this Service or content in other jurisdictions may be restricted
by law and the persons who access the Service should inform themselves about, and
observe any such restrictions. By accessing and surfing this Website, the Customer
agrees to be bound by the foregoing limitations.

)No information, market analysis, research report, etc. on the
Website is to be construed as a representation with respect to shares, securities
or other investment regarding the legality of an investment therein under the respective
applicable investment or similar laws or regulations of any person or entity accessing
the Website.

)This Service is provided on an "As Is" basis. B. N. Rathi Securities
Limited and its Affiliates disclaim any warranty of any kind, imputed by the laws
of any jurisdiction, whether express or implied, as to any matter whatsoever relating
to the Service, including without limitation the implied warranties of merchantability,
fitness for a particular purpose, and non infringement. B. N. Rathi Securities Limited
and the Service and the Offer are subject to the jurisdiction only of the courts
at Hyderabad.

)Use of the Service by any persons, is at Customer's own risk.
The data and information provided on the Website is not advice, professional or
otherwise, and should not be relied upon as such. Neither the information, nor any
opinion contained in this Website constitutes a solicitation or offer by B. N. Rathi
Securities Limited to buy or sell any securities, futures, options or other financial
instruments or provide any investment advice or service. B. N. Rathi Securities
Limited or their employees have or may have an outstanding buy or sell position
or holding in the securities, options on securities or other related investments
of issuers and companies mentioned herein. The investments discussed or recommended
in the market analysis, research reports, etc. may not be suitable for all investors.
Investors must make their own investment decisions based on their specific investment
objectives and financial position and using such independent advisors as they believe
necessary. Information herein is believed to be reliable but B. N. Rathi Securities
Limited does not warrant its completeness or accuracy. The content of the articles
and the interpretation of data are solely the personal views of the contributors
and do not in any way reflect the views of B. N. Rathi Securities Limited. Users
are advised to peruse the articles and other data in the Website only as information
and to rely on their own judgment when making investment decisions.

)Neither B. N. Rathi Securities Limited nor its Affiliates shall
be precluded from making any contract or entering into any arrangement or transaction
with the companies mentioned herein or with itself in the ordinary course of business
or from undertaking any banking, financial or agency services for the companies
or for itself or from underwriting or guaranteeing the subscription of or placing
or subscribing for or otherwise acquiring, holding or dealing with any of the stocks
or shares or debentures or debenture stocks or any other securities whatsoever of
the companies or in which the companies may be interested, either with or without
a commission, or other remuneration or otherwise, at any time entering into any
contract of loan or deposit or any other contract or arrangement or transaction
with the companies or being concerned or interested in any such contract or arrangement
or transaction which any other company or person would be entitled to enter into
with the companies and they shall not be in anyway liable to account either to the
companies or any person visiting or accessing the Website including a Customer of
the Service for any profits made by them thereby or in connection therewith a and
the B. N. Rathi Securities Limited or its owner or Affiliate shall also be allowed
to retain for their or his own benefit any customary share of brokerage, fee, commission,
interest, discount or other compensation or remuneration allowed to them.

)B. N. Rathi Securities Limited along with its directors, employees,
associates or other representatives and its Affiliates along with its directors,
employees, associates or other representatives shall not be liable for damages or
injury arising out of or in connection with the use of the Website or its non-use
including non-availability, compensatory, direct, indirect or consequential damages,
loss of data, income or profit, loss of or damage to property (including without
limitation loss of profits, loss or corruption of data, loss of goodwill, work stoppage,
computer failure or malfunction, or interruption of business; under any contract,
negligence, strict liability or other theory arising out of or relating in any way
to the Website, site-related services, or any products or services and claims of
third parties damages or injury caused by any performance, failure of performance,
error, omission, interruption, deletion, defect, delay in operation or transmission,
computer virus, communications line failure, theft or destruction or unauthorized
access to, alteration of, or use of information, whether resulting, in whole or
in part, from or relating to any of the services offered or displayed by B. N. Rathi
Securities Limited on the Website.

)B. N. Rathi Securities Limited makes no guarantees or representations
as to, and shall have no liability for, any electronic content delivered by any
third party, including, without limitation, the accuracy, subject matter, quality
or timeliness of any electronic content on the Website. B. N. Rathi Securities Limited
shall not be responsible for the contents of any linked site or any link contained
in a linked site, or any changes or updates to such sites. The links being provided
to the Customer are only for convenience, and the inclusion of any link does not
imply endorsement by B. N. Rathi Securities Limited of the site, or its content
or the sponsoring organization. By providing access to other websites, B. N. Rathi
Securities Limited is not recommending the purchase or sale of the securities issued
by it nor is it an endorsement of services provided by its sponsoring organization.

)The maximum liability of B. N. Rathi Securities Limited and its
Affiliates to the Customer shall be subject to the amount of fees paid by the Customer
for the services that he/she may have availed of through the Website or in pursuance
of the Offer or the Service.

)B. N. Rathi Securities Limited shall not be liable for any misrepresentation,
falsification, and deception or for any lack of availability of services through
the Website, even if the same are advertised for on the Website.

)No judgment or warranty or representation is made with respect
to the accuracy, timeliness, or suitability of the content of other services or
sites to which these screens link, and B. N. Rathi Securities Limited shall not
be responsible therefore.

)B. N. Rathi Securities Limited shall not be liable if the Customer
downloads any information or software from this Website. Further, B. N. Rathi Securities
Limited or its Affiliates shall not be liable if the Customer makes a copy, modifies,
uploads, downloads, transmits, (re) publishes it or removes or obscures any intellectual
property, including trademarks, copyright or other notices or legends contained
in any such information or otherwise distributes any service or content from this
Website. B. N. Rathi Securities Limited shall not bear the responsibility if the
Customer modifies or uses the content or services he/she gets from this Website
for any purpose other than those permitted, and in doing so violates the intellectual
property including trademarks, copyright and other proprietary rights of B. N. Rathi
Securities Limited.

)The Website contains features of the services that are currently
being offered by the B. N. Rathi Securities Limited and those intended to be offered
in the future. B. N. Rathi Securities Limited along with its Affiliates intends
to launch the services confirming with the features listed on the Website in to,
however due to business need and regulatory requirement the final launch may contain
variations. Notwithstanding anything contained in the Website regarding the services,
B. N. Rathi Securities Limited may decide to postpone the offering of the services
or may even decide to withdraw the offering or even a currently offered service
altogether.

)This disclaimer shall be applicable to any person visiting/accessing
the Website and/or a Customer entering into an agreement related to availing of
the Service offered by B. N. Rathi Securities Limited and its Affiliates.

)The display, description or references to any products, services,
publications or links on the Website shall not constitute an endorsement by B. N.
Rathi Securities Limited of such products, services, publications or links.

)The Stock Exchange, Mumbai is not in any manner answerable, responsible
or liable to any person or persons for any acts of omission or commission, errors,
mistakes and/or violation, actual or perceived, by us or our partners, agents, associates
etc., of any of the Rules, Regulations, Bye-laws of the Stock Exchange, Mumbai,
SEBI Act or any other laws in force from time to time.

)The Stock Exchange, Mumbai is not answerable, responsible or liable
for any information on this Website or for any services rendered by our employees,
our servants, and us.

)If you do not agree to any of the terms mentioned in this agreement,
you should exit the site.

B. N. Rathi Securities Limited is sensitive to privacy issues on the Internet. We
believe it is important you know how we treat the information about you; we receive
from you, on the Internet.

In general, you can visit B. N. Rathi Securities Limited on the World Wide Web without
telling us who you are or revealing any information about yourself. Our Web servers
collect the domain names, not the e-mail addresses, of visitors. This information
is aggregated to measure the number of visits, average time spent on the site, pages
viewed, etc. B. N. Rathi Securities Limited uses this information to measure the
use of our site and to improve the content of our site. Your accessing our site
signifies your unconditional consent to allow the collection of your domain names.

There are times, however, when we may need information from you, such as your name
and address. When information is needed, we will try (but are not obligated) to
let you know at the time of collection, how we will use the personal information.
Usually, the personal information we collect is used only by us to respond to your
inquiry, process an order or allow you to access specific account information. Occasionally,
we may make the e-mail addresses, of those who provide information, available to
other reputable organizations whose products or services we think you may find interesting.
In these cases, you will be offered an opportunity to limit access to your information.
In case we do not receive any response from you to limit the access of your information,
it shall be deemed that you consent to such distribution of your information as
mentioned above.

If you register with one of B. N. Rathi Securities Limited business units on-line,
they may use this information to provide you with custom information about B. N.
Rathi Securities Limited offering in support of your business needs. A technology
called cookies may be used to provide you with tailored information. A cookie is
a tiny element of data that a web site can send to your browser, which may then
be stored on your hard drive so we can recognize you when you return. You may set
your browser to notify you when you receive a cookie. Registering with any B. N.
RATHI Securities Limited business unit online signifies your unconditional consent
to receive such cookies.

At times we conduct on-line surveys to better understand the needs and profile of
our visitors. When we conduct a survey, we will try (but are not obligated) to let
you know how we will use the information at the time we collect information from
you on the Internet.

You recognize and understand that there is no compulsion on you to provide us with
your personal information and any and all personal information provided by you to
us is with your full consent, own volition and desire to provide such personal information.
You also understand that we are under no obligation to verify the source from which
the personal information about you is provided to us, and they are deemed to be
provided by you, unless you demonstrate to us within a period of fifteen days from
the date of providing of such information to us, to our satisfaction, that the information
was provided to us is without your free consent.

B. N. Rathi Securities Limited's Web site may contain links to other sites. While
we try to link only to sites that share our high standards and respect for privacy,
we are not responsible for the content or the privacy practices employed by other
sites

We invite you to fully experience, enjoy and participate in the many unique services
and features offered on www.bnrsecurities.com
However, the use of the website is offered to you on your acceptance of the Terms
of Use, our Privacy Policy and other notices posted on this website. Your use of
this website or of any content presented in any and all areas of the website indicates
your acknowledgment and agreement to these Terms of Use, our Privacy Policy and
other notices posted on this website.

www.bnrsecurities.com also
reserve the right at its sole discretion, to modify, add or remove any terms or
conditions of these Terms of Use without notice or liability to you. Any changes
to these Terms of Use shall be effective immediately, following the posting of such
changes on this website. Your continued use of

www.bnrsecurities.com means
that you accept any new or modified terms and conditions that are maintained. We
would thus encourage you to re-visit the 'Terms of Use' link at our site from time
to time to stay abreast of any changes that are introduced.